Microsoft recently shared its fiscal first quarter earnings, and while they beat expectations, the future looks a bit cloudy. The tech giant made $3. 30 per share and raked in $65. 59 billion in revenue, both higher than predicted. That's a 16% yearly increase in revenue. But the stock dipped 4% after the report because Microsoft expects slower growth ahead.

Supply chain struggles are a big part of the story. Microsoft can't get enough data center equipment to meet demand, which might slow things down in the next quarter. CEO Satya Nadella thinks things will balance out by the second half of the year.

Microsoft also changed how it reports its business segments. Now, mobility and security services, plus some Windows revenue, are part of the productivity and business processes unit. That group brought in $28. 32 billion, a 12% increase.

Cloud services are where the action is. Azure, Microsoft's cloud platform, grew by 33% (or 34% in constant currency). A lot of that growth comes from artificial intelligence services. Microsoft's finance chief, Amy Hood, said demand is outpacing supply.

The intelligent cloud segment, including Azure and Windows Server, made $24. 09 billion. That's up 20%, but it's a bit less than what analysts were expecting.

In the personal computing segment, revenue was $13. 18 billion, a 17% increase from last year. But this segment is smaller now due to the reporting changes.

Microsoft's Mixed Q1: Strong Earnings, Lower Stock

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